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Alert - 16:35 - (CET) - EurUsd rebounds from the 1.37 support
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The EurUsd is trading at 1.3737, ranging from 1.3703 to 1.3902. After it was known that the US lost 150.000 jobs in September, the traders speculated that the Federal Reserve will cut the interest rates to stimulate the economy.
The next meeting will be held on the 29th of October and a interest rate cut of 50bp is possible. According to the FED fund futures, the likelihood of that to happen is up to 98%.
However, the single currency hit a new 2008 low at 1.3703. The Dollar advance is due to the current credit tensions, that respond to the liquidity needs of the financial institutions. This way, the Dollar accumulates a 6% week advance against the Euro.
On the other hand, the fact that the ECB could cut interest rates in the next meeting in November, also contributes to the recent Euro lows.
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